Rags to Riches

Claire's Stores Inc. (Pembroke Pines, Fla.) has sold its 154-store men's apparel division, Lux Corp. (operating under the name Mr. Rags) to a private investment group headed by Ivan Spiers and Bruce Friedman for an undisclosed amount.

“Our goal for fiscal 2003 is to focus the company's efforts on its core fashion accessory brands,Claire's Accessories and Icing by Claire's,” said Rowland Schaefer, chairman and ceo of Claire's. “It is with these core brands that we can better enhance shareholder value.”

Claire's operates nearly 2900 boutiques, primarily in malls, that sell inexpensive jewelry and accessories for girls. Found in the U.S., Canada, Europe, the Caribbean, Puerto Rico and Japan, the company's stores include Claire's, The Icing, Bijoux One, and Cleopatre, among others.